KBS Real Estate Investment Trust III recently acquired 101 S. Hanley, sold by Duke Realty. This 346,451-square-foot, multi-tenant office is located in Saint Louis’s central business district of Clayton, Mo.
“We consider Clayton to be the most dynamic and attractive submarket in St. Louis,” said Ken Robertson, regional president of KBS, in a written statement. “Clayton offers a strong amenity base embodying the live-work-play environment that tenants desire most.”
101 S. Hanley already boasts an on-site coffee shop and deli and a restaurant. KBS REIT III’s plan to expand amenities includes adding a new fitness center and designing a new conference lounge with an outdoor patio. Other planned renovations include modernizing the building’s lobby and elevators and updating the building’s entrances, select common area corridors, and restrooms. The property was approximately 92 percent leased to 28 tenants at the time of the acquisition.